Investment banking giant Goldman Sachs has reportedly opened up futures trading on Bitcoin to Wall Street executives.
According to Bloomberg Law, last month the investment firm began offering trading with non-deliverable forwards, a derivative tied to the price of Bitcoin (BTC) — roughly $56,000 at the time of publication — for which investors can get paid in fiat. Goldman Sachs reportedly lessens its risk to the crypto asset’s infamous volatility by buying and selling Bitcoin futures in block trades on the Chicago Mercantile Exchange, or CME, Group using the crypto trading unit of DRW Holdings, Cumberland.
Goldman has been seemingly increasing its exposure to the crypto market following price surges in tokens and institutional players like Tesla adopting cryptocurrencies. Rumors have persisted that the investment firm plans to set up a cryptocurrency trading desk after first announcing one during the 2017 bull run.
This story is developing and will be updated.